Sheet To prospectus dated November 14, 2011, prospectus supplement dated November 14, 2011, product...

0000891092-12-007082.txt : 201211300000891092-12-007082.hdr.sgml : 2012113020121129202433ACCESSION NUMBER:0000891092-12-007082CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:7FILED AS OF DATE:20121130DATE AS OF CHANGE:20121129

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:JPMORGAN CHASE & COCENTRAL INDEX KEY:0000019617STANDARD INDUSTRIAL CLASSIFICATION:NATIONAL COMMERCIAL BANKS [6021]IRS NUMBER:132624428STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-177923FILM NUMBER:121232973

BUSINESS ADDRESS:STREET 1:270 PARK AVESTREET 2:38TH FLCITY:NEW YORKSTATE:NYZIP:10017BUSINESS PHONE:2122706000

MAIL ADDRESS:STREET 1:270 PARK AVENUECITY:NEW YORKSTATE:NYZIP:10017

FORMER COMPANY:FORMER CONFORMED NAME:J P MORGAN CHASE & CODATE OF NAME CHANGE:20010102

FORMER COMPANY:FORMER CONFORMED NAME:CHASE MANHATTAN CORP /DE/DATE OF NAME CHANGE:19960402

FORMER COMPANY:FORMER CONFORMED NAME:CHEMICAL BANKING CORPDATE OF NAME CHANGE:19920703

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:JPMORGAN CHASE & COCENTRAL INDEX KEY:0000019617STANDARD INDUSTRIAL CLASSIFICATION:NATIONAL COMMERCIAL BANKS [6021]IRS NUMBER:132624428STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWP

BUSINESS ADDRESS:STREET 1:270 PARK AVESTREET 2:38TH FLCITY:NEW YORKSTATE:NYZIP:10017BUSINESS PHONE:2122706000

MAIL ADDRESS:STREET 1:270 PARK AVENUECITY:NEW YORKSTATE:NYZIP:10017

FORMER COMPANY:FORMER CONFORMED NAME:J P MORGAN CHASE & CODATE OF NAME CHANGE:20010102

FORMER COMPANY:FORMER CONFORMED NAME:CHASE MANHATTAN CORP /DE/DATE OF NAME CHANGE:19960402

FORMER COMPANY:FORMER CONFORMED NAME:CHEMICAL BANKING CORPDATE OF NAME CHANGE:19920703

FWP1e50927fwp.htmTERM SHEET

Term Sheet
To prospectus dated November 14, 2011,
prospectus supplement dated November 14, 2011,
product supplement no. 29-I dated August 31, 2012 and
underlying supplement no. 1-I dated November 14, 2011 Term Sheet to
Product Supplement No. 29-I
Registration Statement No. 333-177923
Dated November 29, 2012; Rule 433

Structured
Investments

$
Contingent Coupon Callable Yield Notes Linked to the Least Performing of the S&P 500 Index, the Russell 2000Index and the iShares MSCI EAFE Index Fund due June 29, 2015

General

The Notes are designed for investors who seek a Contingent InterestPayment with respect to each Observation Date for which the closing level of each of the S&P 500 Index, theRussell 2000 Index and the iShares MSCI EAFE Index Fund is greater than or equal to 60% of itsInitial Level, which we refer to as a Coupon Barrier Level. Investors in the Notes should be willing to accept the risk of losingsome or all of their principal if a Knock-In Event (as defined below) has occurred and the risk that no Contingent Interest Paymentmay be made with respect to some or all Observation Dates.

Investors should be willing to forgo fixed interest and dividend payments,in exchange for the opportunity to receive a Contingent Interest Payment with respect to each Observation Date for which the closinglevel of each of the S&P 500 Index, the Russell 2000 Index and the iSharesMSCI EAFE Index Fund is greater than or equal to its Coupon Barrier Level. Any payment on the Notes is subject to the creditrisk of JPMorgan Chase & Co.

The Notes may be redeemed early, in whole but not in part, at our optionon any of the Contingent Interest Payment Dates (other than the final Contingent Interest Payment Date) set forth below. If theNotes are redeemed early, payment on the applicable Contingent Interest Payment Date on which the Notes are redeemed early foreach $1,000 principal amount Note will be a cash payment of $1,000 plus any accrued and unpaid Contingent Interest Payment,as described below.

Unsecured and unsubordinated obligations of JPMorgan Chase & Co.maturing June 29, 2015

The payment at maturity is not linked to a basket composedof the Underlyings. The payment at maturity is linked to the performance of each of the Underlyings individually, as describedbelow.

Minimum denominations of $1,000 and integral multiples thereof

The terms of the Notes as set forth in Key Terms below,to the extent they differ from or conflict with those set forth in the accompanying product supplement no. 29-I, supersede theterms set forth in product supplement no. 29-I. In particular, notwithstanding anything to the contrary in the accompanying productsupplement no. 29-I, the Notes will be subject to early redemption at our option as described under Key Terms EarlyRedemption below and will not be subject to an automatic call.

Key Terms

Underlyings: The S&P 500 Index (Bloomberg ticker: SPX) and the Russell 2000 Index (Bloomberg ticker: RTY) (each, an Index and collectively, the Indices) and the iShares MSCI EAFE Index Fund (the Fund) (each of the Indices and the Fund, an Underlying and collectively, the Underlyings)

Contingent Interest Payments: If the Notes have not been previously redeemed early and the closing level of each Underlying on any Observation Date is greater than or equal to its Coupon Barrier Level, you will receive on the applicable Contingent Interest Payment Date for each $1,000 principal amount Note a Contingent Interest Payment equal to at least $20.00* (equivalent to an interest rate of at least 8.00%* per annum, payable at a rate of at least 2.00%* per quarter).

If the closing level of any Underlying on any Observation Date is less than its Coupon Barrier Level, no Contingent Interest Payment will be made with respect to that Observation Date.

Coupon Barrier Level /Knock-In Level: With respect to each Underlying, an amount that represents 60.00% of its Initial Level (in the case of the Fund, subject to adjustments)

Contingent Interest Rate: At least 8.00%* per annum, payable at a rate of 2.00%* per quarter, if applicable

*The actual Contingent Interest Rate will be determined on the Pricing Date and will not be less than 8.00%per annum.

Early Redemption: We, at our election, may redeem the Notes early, in whole but not in part, on any of the Contingent Interest Payment Dates (other than the final Contingent Interest Payment Date) at a price for each $1,000 principal amount Note equal to $1,000 plus any accrued and unpaid Contingent Interest Payment. If we intend to redeem your Notes early, we will deliver notice to The Depository Trust Company, or DTC, at least five business days before the applicable Contingent Interest Payment Dates on which the Notes are redeemed early.

Payment at Maturity:

If the Notes have not been redeemed early and a Knock-In Event has not occurred, you will receive a cash payment at maturity, for each $1,000 principal amount Note, equal to (a) $1,000 plus (b) the Contingent Interest Payment applicable to the Valuation Date.

If the Notes have not been redeemed early and a Knock-In Event has occurred, at maturity you will lose 1% of the principal amount of your Notes for every 1% that the Final Level of the Least Performing Underlying is less than its Initial Level. Under these circumstances, your payment at maturity per $1,000 principal amount Note will be calculated as follows:

$1,000 + ($1,000 Least Performing Underlying Return)

If the Notes have not been redeemed early and a Knock-In Event has occurred, you will lose more than 40% of your principal amount and could lose all of your principal amount at maturity.

Knock-In Event: A Knock-In Event occurs if the Final Level (i.e., the closing level on the Valuation Date) of any Underlying is less than its Knock-In Level.

Pricing Date: On or about December 21, 2012

Settlement Date: On or about December 27, 2012

Observation Dates: March 20, 2013, June 20, 2013, September 20, 2013, December 19, 2013, March 20, 2014, June 20, 2014, September 22, 2014, December 19, 2014, March 20, 2015 and June 24, 2015 (which is also the Valuation Date)

Contingent Interest Payment Dates: Notwithstanding anything to the contrary in the accompanying product supplement no. 29-I, the Contingent Interest Payment Dates will be March 27, 2013, June 27, 2013, September 27, 2013, December 27, 2013, March 27, 2014, June 27, 2014, September 29, 2014, December 29, 2014, March 27, 2015 and the Maturity Date

Valuation Date: June 24, 2015

Maturity Date: June 29, 2015

CUSIP: 48126DJP5

Other Key Terms: See Additional Key Terms in this term sheet

Subject to postponement in the event of certain market disruption events and as described under Description of Notes Postponement of a Review Date and Description of Notes Postponement of a Payment Date in theaccompanying product supplement no. 29-I

Investing in the Contingent Coupon Callable Yield Notes involvesa number of risks. See Risk Factors beginning on page PS-13 of the accompanying product supplement no. 29-I, RiskFactors beginning on page US-1 of the accompanying underlying supplement 1-I and Selected Risk Considerationsbeginning on page TS-3 of this term sheet.

Neither the Securities and Exchange Commission (the SEC)nor any state securities commission has approved or disapproved of the Notes or passed upon the accuracy or the adequacy of thisterm sheet or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representationto the contrary is a criminal offense.

Price to Public (1) Fees and Commissions (2) Proceeds to Us

Per Note $ $ $

Total $ $ $

(1)The price to the public includes the estimated cost of hedging our obligations under the Notes through one or more of our affiliates.

(2)If the Notes priced today, J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase &Co., would receive a commission of approximately $30.00 per $1,000 principal amount Note and would use a portion of that commissionto allow selling concessions to other affiliated or unaffiliated dealers of approximately $17.50 per $1,000 principal amount Note.This commission includes the projected profits that our affiliates expect to realize for assuming risks inherent in hedging ourobligations under the Notes. The actual commission received by JPMS may be more or less than $30.00 and will depend on market conditionson the Pricing Date. In no event will the commission received by JPMS, which includes concessions to be allowed to other dealers,exceed $40.00 per $1,000 principal amount Note. See Plan of Distribution (Conflicts of Interest) beginning on pagePS-66 of the accompanying product supplement no. 29-I.

The Notes are not bank deposits and are not insured by the FederalDeposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

November 29, 2012

Additional Terms Specific to theNotes

JPMorgan Chase & Co. has filed a registrationstatement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you shouldread the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase &Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and this offering. You may get these documentswithout cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorgan Chase & Co., any agent or any dealerparticipating in this offering will arrange to send you the prospectus, the prospectus supplement, product supplement no. 29-I,underlying supplement no. 1-I and this term sheet if you so request by calling toll-free 866-535-9248.

You may revoke your offer to purchase the Notes atany time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change theterms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any changes to the terms of the Notes,we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to rejectsuch changes in which case we may reject your offer to purchase.

You should read this term sheet together with the prospectusdated November 14, 2011, as supplemented by the prospectus supplement dated November 14, 2011 relating to our Series E medium-termnotes of which these Notes are a part, and the more detailed information contained in product supplement no. 29-I dated August31, 2012 and underlying supplement no. 1-I dated November 14, 2011. This term sheet, together with the documents listed below,contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other writtenmaterials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, samplestructures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things,the matters set forth in Risk Factors in the accompanying product supplement no. 29-I and Risk Factorsin the accompanying underlying supplement no. 1-I, as the Notes involve risks not associated with conventional debt securities.We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.

You may access these documents on the SEC website atwww.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Product supplement no. 29-I dated August 31, 2012:
http://www.sec.gov/Archives/edgar/data/19617/000095010312004448/crt_dp32532-424b2.pdf

Underlying supplement no. 1-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007615/e46154_424b2.pdf

Prospectus supplement dated November 14, 2011:

Prospectus dated November 14, 2011:

Our Central Index Key, or CIK, on the SEC website is19617. As used in this term sheet, the Company, we, us and our refer toJPMorgan Chase & Co.

Additional Key Terms

Underlying Return: With respect to each Underlying:

Final Level Initial Level
Initial Level

Initial Level: With respect to each Underlying, the closing level of that Underlying on the Pricing Date (in the case of the fund, divided by the Share Adjustment Factor)

Share Adjustment Factor: With respect to the Fund, set equal to 1.0 on the Pricing Date and subject to adjustment under certain circumstances. See General Terms of Notes Additional Fund Provisions Anti-Dilution Adjustments in the accompanying product supplement no. 29-I.

Final Level: With respect to each Underlying, the closing level of that Underlying on the Valuation Date

Least Performing Underlying: The Underlying with the Least Performing Underlying Return

Least Performing Underlying Return: The lowest of the Underlying Returns of the Underlyings

Supplemental Terms of the Notes

Notwithstanding anything to the contrary in product supplementno. 29-I, the Notes will be subject to early redemption at our option as described under Key Terms Early Redemptionin this term sheet and will not be subject to an automatic call.

For purposes of the Notes offered by this term sheet,all references to each of the following defined terms used in the accompanying product supplement will be deemed to refer to thecorresponding defined term used in this term sheet, as set forth in the table below:

Product Supplement Defined Term Term Sheet Defined Term

Interest Barrier Coupon Barrier Level

Trigger Level Knock-In Level

Trigger Event Knock-In Event

Initial Index Level / Initial Share Price Initial Level

Ending Index Level / Final Share Price Final Level

Index closing level / closing price closing level

Review Date Observation Date

Final Review Date Valuation Date

Interest Payment Date Contingent Interest Payment Date

For the avoidance of doubt, Observation Dates are subjectto postponement under Description of Notes Postponement of a Review Date in the accompanying product supplement.

JPMorgan Structured Investments
TS-1 Contingent Coupon Callable Yield Notes Linked to the Least Performing of the S&P 500Index, the Russell 2000 Index and the iShares MSCI EAFE Index Fund

Selected Purchase Considerations

QUARTERLY CONTINGENT INTEREST PAYMENTS The Notes offerthe potential to earn a Contingent Interest Payment in connection with each quarterly Observation Date of at least $20.00* per$1,000 principal amount Note (equivalent to an interest rate of at least 8.00%* per annum, payable at a rate of at least 2.00%*per quarter). If the Notes have not been redeemed early and the closing level of each Underlying on any Observation Date is greaterthan or equal to its Coupon Barrier Level, you will receive a Contingent Interest Payment on the applicable Contingent InterestPayment Date. If the closing level of any Underlying on any Observation Date is less than its Coupon Barrier Level, no ContingentInterest Payment will be made with respect to that Observation Date. If payable, a Contingent Interest Payment will be made tothe holders of record at the close of business on the business day immediately preceding the applicable Contingent Interest PaymentDate. Because the Notes are our unsecured and unsubordinated obligations, payment of any amount on the Notes is subject to ourability to pay our obligations as they become due.

*The actual Contingent Interest Ratewill be determined on the Pricing Date and will not be less than 8.00% per annum.

POTENTIAL EARLY EXIT AS A RESULT OF THE EARLY REDEMPTION FEATURE We, at our election, may redeem the Notes early, in whole but not in part, on any of the Contingent Interest Payment Dates(other than the final Contingent Interest Payment Date). If the Notes are redeemed early, you will receive $1,000 plus anyaccrued and unpaid Contingent Interest Payment for each $1,000 principal amount Note on the applicable Contingent Interest PaymentDate on which the Notes are redeemed early.

THE NOTES DO NOT GUARANTEE THE RETURN OF YOUR PRINCIPAL IF THE NOTESARE NOT REDEEMED EARLY If the Notes have not been redeemed early, we will pay you your principal back at maturity onlyif a Knock-In Event has not occurred. However, if the Notes have not been redeemed early and a Knock-In Event has occurred,you will lose more than 40% of your principal amount and could lose up to the entire principal amount of your Notes.

EXPOSURE TO EACH OF THE UNDERLYINGS The return on theNotes is linked to the Least Performing Underlying, which will be any of the S&P 500 Index, the Russell2000 Index or theiShares MSCI EAFE Index Fund.

The S&P 500 Indexconsists of 500 component stocks selected to provide a performance benchmark for the U.S. equity markets. For additional informationabout the S&P 500 Index, see the information set forth under Equity Index Descriptions The S&P500 Index in the accompanying underlying supplement no. 1-I.

The Russell2000 Index consists of the middle 2,000 companies included in the Russell 3000E Index and, as a result ofthe index calculation methodology, consists of the smallest 2,000 companies included in the Russell3000 Index. The Russell 2000 Index is designed to track the performance of the small capitalizationsegment of the U.S. equity market. For additional information about the Russell 2000 Index, see the informationset forth under Equity Index Descriptions The Russell 2000 Index in the accompanyingunderlying supplement no. 1-I.

The iShares MSCI EAFEIndex Fund is an exchange-traded fund that trades on the NYSE Arca, Inc., which we refer to as NYSE Arca, under the ticker symbolEFA. The iShares MSCI EAFE Index Fund seeks to provide investment results that correspond generallyto the price and yield performance, before fees and expenses, of publicly traded securities in developed European, Australasianand Far Eastern markets, as measured by the MSCI EAFE Index, which we refer to as the Underlying Index. The MSCIEAFE Index is a stock index calculated, published and disseminated daily by MSCI Inc. and is intended to provideperformance benchmarks for the developed equity markets in Australia and New Zealand and those in Europe and Asia. For additionalinformation about the iShares MSCI EAFE Index Fund, see the information set forth under Fund Descriptions The iShares MSCI EAFE Index Fund in the accompanying underlying supplement no. 1-I.

TAX TREATMENT You should review carefully the sectionentitled Material U.S. Federal Income Tax Consequences in the accompanying product supplement no. 29-I, althoughfor purposes of this offering, references therein to an automatic call should be read to refer to an early redemption. In determiningour reporting responsibilities we intend to treat (i) the Notes for U.S. federal income tax purposes as prepaid forward contractswith associated contingent coupons and (ii) any Contingent Interest Payments as ordinary income, as described in the section entitledMaterial U.S. Federal Income Tax Consequences Tax Consequences to U.S. Holders Tax Treatment as PrepaidForward Contracts with Associated Contingent Coupons in the accompanying product supplement no. 29-I. Based on the adviceof Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a reasonable treatment, but that there are otherreasonable treatments that the Internal Revenue Service (the IRS) or a court may adopt, in which case the timingand character of any income or loss on the Notes could be materially affected. In addition, in 2007 Treasury and the IRS releaseda notice requesting comments on the U.S. federal income tax treatment of prepaid forward contracts and similar instruments.The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment.It also asks for comments on a number of related topics, including the character of income or loss with respect to these instrumentsand the relevance of factors such as the nature of the underlying property to which the instruments are linked. While the noticerequests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated afterconsideration of these issues could materially affect the tax consequences of an investment in the Notes, possibly with retroactiveeffect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes, includingpossible alternative treatments and the issues presented by this notice.


Non-U.S. Holders tax considerations

The U.S. federal income tax treatment of Contingent InterestPayments is uncertain, and although we believe it is reasonable to conclude that Contingent Interest Payments are not subject toU.S. withholding tax (at least if a Form W-8 is provided), a withholding agent may nonetheless withhold on these payments (generallyat a rate of 30%, subject to the possible reduction or elimination of that rate under an applicable income tax treaty), unlessincome from your Notes is effectively connected with your conduct of a trade or business in the United States (and, if an applicabletreaty so requires, attributable to a permanent establishment in the United States).

Non-U.S. Holders should also note that recently proposedTreasury regulations, if finalized in their current form, could impose a withholding tax at a rate of 30% (subject to reductionunder an applicable income tax treaty) on amounts attributable to U.S.-source dividends (including, potentially, adjustments toaccount for extraordinary dividends) that are paid or deemed paid after December 31, 2013 under certain financialinstruments, if certain other conditions are met. While significant aspects of the application of these proposed regulations tothe Notes are uncertain, if these proposed regulations were finalized in their current form, we (or other withholding agents) mightdetermine that withholding is required with respect to Notes held by a Non-U.S. Holder or that the Non-U.S. Holder must provideinformation to establish that withholding is not required. If withholding is required, we will not be required to pay any additionalamounts with respect to amounts so withheld.

If you are not a United States person,you are urged to consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes inlight of your particular circumstances and the potential application of the proposed regulations discussed in the preceding paragraph.

Selected Risk Considerations

An investment in the Notes involves significant risks.Investing in the Notes is not equivalent to investing directly in one or more of the Underlyings or any of the equity securitiesincluded in or held by the Underlyings. These risks are explained in more detail in the Risk Factors section of theaccompanying product supplement no. 29-I dated August 31, 2012 and in the Risk Factors section of the accompanyingunderlying supplement no. 1-I dated November 14, 2011.

YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS TheNotes do not guarantee any return of principal. If the Notes have not been redeemed early and a Knock-In Event has occurred, youwill lose 1% of your principal amount at maturity for every 1% that the Final Level of the Least Performing Underlying is lessthan its Initial Level. Accordingly, under these circumstances, you will lose more than 40% of your principal amount and couldlose up to the entire principal amount of your Notes.

THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAYANY INTEREST AT ALL The terms of the Notes differ from those of conventional debt securities in that, among other things,whether we pay interest is linked to the performance of each Underlying. We will make a Contingent Interest Payment with respectto an Observation Date only if the closing level of each Underlying on that Observation Date is greater than or equal to its CouponBarrier Level. If the closing level of any Underlying on that Observation Date is less than its Coupon Barrier Level, no ContingentInterest Payment will be made with respect to that Observation Date, and the Contingent Interest Payment that would otherwise havebeen payable with respect to that Observation Date will not be accrued and subsequently paid. Accordingly, if the closing levelof any Underlying on each Observation Date is less than its Coupon Barrier Level, you will not receive any interest payments overthe term of the Notes.

CREDIT RISK OF JPMORGAN CHASE & CO. The Notes aresubject to the credit risk of JPMorgan Chase & Co., and our credit ratings and credit spreads may adversely affect the marketvalue of the Notes. Investors are dependent on JPMorgan Chase & Co.s ability to pay all amounts due on the Notes,and therefore investors are subject to our credit risk and to changes in the markets view of our creditworthiness.Any decline in our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likelyto adversely affect the value of the Notes. If we were to default on our payment obligations, you may not receive any amountsowed to you under the Notes and you could lose your entire investment.

Recent events affecting us have ledto heightened regulatory scrutiny, may lead to additional regulatory or legal proceedings against us and may adversely affect ourcredit ratings and credit spreads and, as a result, the market value of the Notes. See Executive Overview CIO SyntheticCredit Portfolio Update, Liquidity Risk Management Credit Ratings and Item 4. Controls andProcedures in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and Part II. Other Information Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2012.

THE OPTIONAL EARLY REDEMPTION FEATURE MAY FORCE A POTENTIAL EARLYEXIT If the Notes are redeemed early, the amount of Contingent Interest Payments made on the Notes may be less thanthe amount of Contingent Interest Payments that would have been payable if the Notes were held to maturity, and, for each $1,000principal amount Note, you will receive $1,000 plus any accrued and unpaid Contingent Interest Payment.

REINVESTMENT RISK If your Notes are redeemed early,the term of the Notes may be reduced to as short as three months and you will not receive any Contingent Interest Payments afterthe applicable Contingent Interest Payment Date. There is no guarantee that you would be able to reinvest the proceeds from aninvestment in the Notes at a comparable return and/or with a comparable interest rate for a similar level of risk in the eventthe Notes are redeemed early prior to the maturity date.


THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED, AND YOU WILLNOT PARTICIPATE IN ANY APPRECIATION IN THE VALUE OF ANY UNDERLYING The appreciation potential of the Notes is limitedto the sum of any Contingent Interest Payments that may be paid over the term of the Notes, regardless of any appreciation in thevalue of any Underlying, which may be significant. You will not participate in any appreciationin the value of any Underlying. Accordingly, the return on the Notes may be significantly less than the return on a direct investmentin any Underlying during the term of the Notes.

POTENTIAL CONFLICTS We and our affiliates play a varietyof roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations underthe Notes. In performing these duties, our economic interests and the economic interests of the calculation agent and other affiliatesof ours are potentially adverse to your interests as an investor in the Notes. In addition, our business activities, includinghedging and trading activities, could cause our economic interests to be adverse to yours and could adversely affect any paymenton the Notes and the value of the Notes. It is possible that hedging or trading activities of ours or our affiliates could resultin substantial returns for us or our affiliates while the value of the Notes declines. Please refer to Risk Factors Risks Relating to the Notes Generally in the accompanying product supplement no. 29-I for additional information about theserisks.

We are also currently one of the companiesthat make up the S&P 500 Index. We will not have any obligation to consider your interests as a holder of theNotes in taking any corporate action that might affect the value of the S&P 500 Index and the Notes.

YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE VALUE OF EACH UNDERLYING Your return on the Notes and your payment at maturity, if any, is not linked to a basket consisting of the Underlyings.If the Notes have not been redeemed early, your payment at maturity is contingent upon the performance of each individual Underlyingsuch that you will be equally exposed to the risks related to any of the Underlyings. Poor performance by any ofthe Underlyings over the term of the Notes may negatively affect whether you will receive a Contingent Interest Payment on anyContingent Interest Payment Date and your payment at maturity and will not be offset or mitigated by positive performance by anyother Underlying. Accordingly, your investment is subject to the risk of decline in the level of each Underlying.

THE BENEFIT PROVIDED BY THE KNOCK-IN LEVEL MAY TERMINATE ON THEVALUATION DATE If the Final Level of any Underlying is less than its Knock-In Level (i.e., a Knock-In Eventoccurs) and the Notes have not been redeemed early, the benefit provided by the Knock-In Level will terminate and you will be fullyexposed to any depreciation in the Least Performing Underlying. Because the Final Level of each Underlying will be determined basedon the applicable closing level on a single day near the end of the term of the Notes, the closing level of each Underlying atthe maturity date or at other times during the term of the Notes could be greater than or equal to its Knock-In Level. This differencecould be particularly large if there is a significant decrease in the closing level of one or more Underlyings during the laterportion of the term of the Notes or if there is significant volatility in the closing level of one or more Underlyings during theterm of the Notes, especially on dates near the Valuation Date.

YOUR PAYMENT AT MATURITY MAY BE DETERMINED BY THE LEAST PERFORMINGUNDERLYING If the Notes have not been redeemed early and a Knock-In Event has occurred, you will lose some or all ofyour principal amount at maturity if the Final Level of any Underlying is less than its Initial Level. This will be true even ifthe Final Level of the any other Underlying is greater than or equal to its Initial Level. The Underlyings respective performancemay not be correlated and, as a result, if the Notes have not been redeemed, you may receive the principal amount of your Notesat maturity only if there is a broad-based rise in the performance of U.S. and international equities across diverse markets duringthe term of the Notes.

CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUEOF THE NOTES PRIOR TO MATURITY While any payment on the Notes described in this term sheet is based on the full principalamount of your Notes, the original issue price of the Notes includes the agents commission and the estimated cost of hedgingour obligations under the Notes. As a result, and as a general matter, the price, if any, at which JPMS will be willing to purchaseNotes from you in secondary market transactions, if at all, will likely be lower than the original issue price, and any sale priorto the maturity date could result in a substantial loss to you. This secondary market price will also be affected by a number offactors aside from the agents commission and hedging costs, including those set forth under Many Economic and MarketFactors Will Impact the Value of the Notes below.

The Notes are not designed to be short-termtrading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.

NO DIVIDENDS OR VOTING RIGHTS As a holder of the Notes,you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of sharesof the Fund or the securities included in the Underlyings would have.

VOLATILITY RISK Greater expected volatility with respectto an Underlying indicates a greater likelihood as of the Pricing Date that the closing level of that Underlying could be lessthan its Coupon Barrier Level on an Observation Date and/or that a Knock-In Event could occur. An Underlyings volatility,however, can change significantly over the term of the Notes. The closing level of an Underlying could fall sharply on any dayduring the term of the Notes, which could result in your not receiving any Contingent Interest Payment or a significant loss ofprincipal, or both.


an investment in the Notes is subjectto risks associated with small capitalization stocks The stocks that constitute the Russell 2000Index are issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatilethan stock prices of large capitalization companies. Small capitalization companies may be less able to withstand adverse economic,market, trade and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividendson their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adversemarket conditions.

THERE ARE RISKS ASSOCIATED WITH THE FUND Although sharesof the Fund are listed for trading on NYSE Arca and a number of similar products have been traded on NYSE Arca and other securitiesexchanges for varying periods of time, there is no assurance that an active trading market will continue for the shares of theFund or that there will be liquidity in the trading market. The Fund is subject to management risk, which is the risk that theinvestment strategy of the Funds investment adviser, the implementation of which is subject to a number of constraints,may not produce the intended results. These constraints could adversely affect the market price of the shares of the Fund and,consequently, the value of the Notes.

DIFFERENCES BETWEEN THE FUND AND THE UNDERLYING INDEX The Fund does not fully replicate the Underlying Index, the Fund may hold securities not included in the Underlying Index and theFunds performance will reflect additional transaction costs and fees that are not included in the calculation of the UnderlyingIndex, all of which may lead to a lack of correlation between the Fund and the Underlying Index. In addition, corporate actionswith respect to the equity securities held by the Fund (such as mergers and spin-offs) may impact the variance between the Fundand the Underlying Index. Finally, because the shares of the Fund are traded on NYSE Arca, and are subject to market supply andinvestor demand, the market value of one share of the Fund may differ from the net asset value per share of the Fund. For all ofthe foregoing reasons, the performance of the Fund may not correlate with the performance of the Underlying Index.

NON-U.S.SECURITIES RISK The equity securities underlying the Fund have been issued by non-U.S. companies. Investments in securitieslinked to the value of such non-U.S. equity securities involve risks associated with the securities markets in those countries,including risks of volatility in those markets, government intervention in those markets and cross shareholdings in companiesin certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictionsthan there is about U.S. companies that are subject to the reporting requirements of the SEC, and generally non-U.S. companiesare subject to accounting, auditing and financial reporting standards and requirements and securities trading rules differentfrom those applicable to U.S. reporting companies. The prices of securities in foreign markets may be affected by political, economic,financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policiesand currency exchange laws.

LACK OF LIQUIDITY The Notes will not be listed on any securities exchange. JPMS intends to offer to purchase the Notes in the secondary market butis not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sellthe Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may beable to trade your Notes is likely to depend on the price, if any, at which JPMS is willing to buy the Notes.

THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RISK Becausethe prices of the equity securities held by the Fund are converted into U.S. dollars for the purposes of calculating the net assetvalue of the Fund, holders of the Notes will be exposed to currency exchange rate risk with respect to each of the currencies inwhich the equity securities held by the Fund trade. Your net exposure will depend on the extent to which those currencies strengthenor weaken against the U.S. dollar and the relative weight of equity securities denominated in those currencies in the Fund. If,taking into account the relevant weighting, the U.S. dollar strengthens against those currencies, the net asset value of the Fundwill be adversely affected and the payment at maturity, if any, may be reduced. Of particular importance to potential currencyexchange risk are:

existing and expected rates of inflation;

existing and expected interest rate levels;

the balance of payments;

political, civil or military unrest in the issuing countries of thosecurrencies and the United States; and

the extent of government surpluses or deficits in issuing countriesof those currencies and the United States.

All of these factors are in turn sensitiveto the monetary, fiscal and trade policies pursued by the governments of issuing countries of those currencies and the United Statesand other countries important to international trade and finance.

HEDGING AND TRADING IN THE UNDERLYINGS While the Notesare outstanding, we or any of our affiliates may carry out hedging activities related to the Notes, including the Fund and theequity securities included in the Underlyings. We or our affiliates may also trade in the Fund and the equity securities includedin the Underlyings from time to time. Any of these hedging or trading activities as of the Pricing Date and during the term ofthe Notes could adversely affect the likelihood of an early redemption, whether a Contingent Interest Payment will be payable orour payment to you at maturity. It is possible that these hedging or trading activities could result in substantial returns forus or our affiliates while the value of the Notes declines.

THE ANTI-DILUTION PROTECTION FOR THE FUND IS LIMITED The calculation agent will make adjustments to the Share Adjustment Factor for certain events affecting the shares of the Fund.However, the calculation agent will not make an adjustment in response to all events that could affect the shares of the Fund.If an event occurs that does not require the calculation agent to make an adjustment, the value of the Notes may be materiallyand adversely affected.


MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES In addition to the levels or prices, as applicable, of each Underlying on any day, the value of the Notes will be impactedby a number of economic and market factors that may either offset or magnify each other, including:

the actual and expected volatility in the levels or prices, as applicable,of the Underlyings;

the time to maturity of the Notes;

the Contingent Interest Rate on the Notes;

whether the closing level of any Underlying has been, or is expectedto be, less than its Coupon Barrier Level on any Observation Date and whether a Knock-In Event is expected to occur;

the optional early redemption feature and whether we are expected toredeem the Notes early, which is likely to limit the value of the Notes;

the dividend rates on the equity securities included in or held bythe Underlyings;

the actual and expected positive or negative correlation between theUnderlyings, or the actual or expected absence of any such correlation;

interest and yield rates in the market generally;

a variety of economic, financial, political, regulatory and judicialevents;

the exchange rate and volatility of the exchange rate between the U.S.dollar and the currencies of the equity securities held by the Fund;

the occurrence of certain events to the Fund that may or may not requirean adjustment to the Share Adjustment Factor; and

our creditworthiness, including actual or anticipated downgrades inour credit ratings.


What Are the Payments on the Notes, Assuminga Range of Performances for the Least Performing Underlying?

If the Notes have not been previously redeemed early and theclosing level of each Underlying on any Observation Date is greater than or equal to its Coupon Barrier Level, you will receiveon the applicable Contingent Interest Payment Date for each $1,000 principal amount Note a Contingent Interest Payment equal toat least $20.00 (equivalent to an interest rate of at least 8.00% per annum, payable at a rate of at least 2.00% per quarter).The actual Contingent Interest Rate will be set on the Pricing Date and will not be less than 8.00% per annum. If the closing levelof any Underlying on any Observation Date is less than its Coupon Barrier Level, no Contingent Interest Payment will be made withrespect to that Observation Date. We refer to the Contingent Interest Payment Date immediately following any Observation Date onwhich the closing level of any Underlying is less than its Coupon Barrier Level as a No-Coupon Date. The followingtable assumes a Contingent Interest Rate of 8.00% and illustrates the hypothetical total Contingent Interest Payments over theterm of the Notes depending on how many No-Coupon Dates occur.

Number of
No-Coupon Dates Total Contingent
Coupon Payments

0 No-Coupon Dates $200.00

1 No-Coupon Date $180.00










The following table illustrates the payment at maturity onthe Notes, assuming a range of performances for the Least Performing Underlying on a given Observation Date. Each hypotheticalpayment set forth below assumes that the Notes are not redeemed early and that the Least Performing Underlying is the Russell2000 Index. We make no representation or warranty as to which of the Underlyings will be the Least PerformingUnderlying for purposes of calculating your actual payment at maturity, if any, or as to what the closing level of any Underlyingwill be on any Observation Date. In addition, the following table and examples assume an Initial Level for the Least PerformingUnderlying of 810, a Coupon Barrier Level and a Knock-In Level for the Least Performing Underlying of 486 (equal to 60% of thehypothetical Initial Level) and a Contingent Interest Rate of 8.00% per annum (payable at a rate of 2.00% per quarter). The actualContingent Interest Rate will be set on the Pricing Date and will not be less than 8.00% per annum. Each hypothetical payment setforth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser of the Notes. The numbersappearing in the following table and examples have been rounded for ease of analysis.

Final Level Least Performing Underlying Return Payment at Maturity

If a Knock-In Event Has Not Occurred (1) If a Knock-In Event Has Occurred (1)

1,458.000 80.00% $1,020.00 N/A

1,377.000 70.00% $1,020.00 N/A

1,296.000 60.00% $1,020.00 N/A

1,215.000 50.00% $1,020.00 N/A

1,134.000 40.00% $1,020.00 N/A

1,053.000 30.00% $1,020.00 N/A

1,012.500 25.00% $1,020.00 N/A

972.000 20.00% $1,020.00 N/A

931.500 15.00% $1,020.00 N/A

891.000 10.00% $1,020.00 N/A

850.500 5.00% $1,020.00 N/A

810.000 0.00% $1,020.00 N/A

769.500 -5.00% $1,020.00 N/A

729.000 -10.00% $1,020.00 N/A

688.500 -15.00% $1,020.00 N/A

648.000 -20.00% $1,020.00 N/A

567.000 -30.00% $1,020.00 N/A

486.000 -40.00% $1,020.00 N/A

485.919 -40.01% N/A $599.90

405.000 -50.00% N/A $500.00

324.000 -60.00% N/A $400.00

243.000 -70.00% N/A $300.00

162.000 -80.00% N/A $200.00

81.000 -90.00% N/A $100.00

0.000 -100.00% N/A $0.00

(1)A Knock-In Event occurs if the Final Level (i.e., the closing level on the Valuation Date) of any Underlying is lessthan its Knock-In Level.


Hypothetical Examples of Amounts Payableon the Notes

The following examples illustrate how the payments set forthin the tables on the prior page are calculated.

Example1: The Notes are not redeemed early, Contingent Interest Payments are paid in connection with each of the Observation Dates precedingthe Valuation Date and the closing level of the Least Performing Underlying increases from the Initial Level of 810 to a FinalLevel of 972. The investor receives a payment of $20 in connection with each of the Observation Dates preceding the ValuationDate. Because the Notes are not redeemed early and the Final Level of each Underlying is greater than its Coupon Barrier Leveland Initial Level, the investor receives at maturity a payment of $1,020 per $1,000 principal amount Note. This payment consistsof a Contingent Interest Payment of $20 per $1,000 principal amount Note and repayment of principal equal to $1,000 per $1,000principal amount Note. The total amount paid on the Notes over the term of the Notes is $1,200 per $1,000 principal amount Note.This represents the maximum total payment an investor may receive over the term of the Notes.

Example 2: The Notes are not redeemed early, ContingentInterest Payments are paid in connection with each of the Observation Dates preceding the Valuation Date and the closing levelof the Least Performing Underlying decreases from the Initial Level of 810 to an Final Level of 486 A Knock-In Event hasnot occurred. The investor receives a payment of $20 in connection with each of the Observation Dates preceding the ValuationDate. Because the Notes are not redeemed early, a Knock-In Event has not occurred and the Final Level of each Underlying is equalto its Coupon Barrier Level, even though the Final Level of the Least Performing Underlying is less than its Initial Level, theinvestor receives at maturity a payment of $1,020 per $1,000 principal amount Note. This payment consists of a Contingent InterestPayment of $20 per $1,000 principal amount Note and repayment of principal equal to $1,000 per $1,000 principal amount Note. Thetotal amount paid on the Notes over the term of the Notes is $1,200 per $1,000 principal amount Note. This represents themaximum total payment an investor may receive over the term of the Notes.

Example 3: The Notes are not redeemed early, ContingentInterest Payments are paid in connection with each of the Observation Dates preceding the Valuation Date and the closing levelof the Least Performing Underlying decreases from the Initial Level of 810 to a Final Level of 324 A Knock-In Event hasoccurred. The investor receives a payment of $20 in connection with each of the Observation Dates preceding the Valuation Date.Because the Notes are not redeemed early, a Knock-In Event has occurred and the Final Level of each Underlying is less than itsCoupon Barrier Level, the investor receives at maturity a payment of $400 per $1,000 principal amount Note, calculated as follows:

$1,000 + ($1,000 -60%) = $400

The total amount paid on the Notes over the term of the Notesis $580 per $1,000 principal amount Note.

Example 4: The Notes are not redeemed early, no ContingentInterest Payments are paid in connection with the Observation Dates preceding the Valuation Date and the closing level of the LeastPerforming Underlying decreases from the Initial Level of 810 to an Final Level of 243 A Knock-In Event has occurred. Becausethe Notes are not redeemed early, no Contingent Interest Payments are paid in connection with the Observation Dates preceding theValuation Date, a Knock-In Event has occurred and the Final Level of each Underlying is less than its Coupon Barrier Level, theinvestor receives no payments over the term of the Notes, other than a payment at maturity of $300 per $1,000 principal amountNote, calculated as follows:

$1,000 + ($1,000 -70%) = $300

The hypothetical payments on the Notes shown above do not reflectfees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, thehypothetical payments shown above would likely be lower.


Historical Information

The following graphs show the historical weekly performance of theS&P 500 Index, the Russell 2000 Index and the iShares MSCI EAFE Index Fundfrom January 5, 2007 through November 23, 2012. The closing level of the S&P 500 Index on November 28, 2012was 1,409.93. The closing level of the Russell 2000 Index on November 28, 2012 was 813.50. The closing level ofthe iShares MSCI EAFE Index Fund on November 28, 2012 was $54.53.

We obtained the various closing levelsof the Underlyings below from Bloomberg Financial Markets, without independent verification. The historical levels or prices ofeach Underlying should not be taken as an indication of future performance, and no assurance can be given as to the closing levelof any Underlying on the Pricing Date or any Observation Date, including the Valuation Date. We cannot give you assurance thatthe performance of the Underlyings will result in the return of any of your initial investment or the payment of any interest.We make no representation as to the amount of dividends, if any, that the Fund or the equity securities held by the Fund will payin the future. In any event, as an investor in the Notes, you will not be entitled to receive dividends, if any, that may be payableon the Fund or the equity securities held by the Fund.


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Sheet To prospectus dated November 14, 2011, prospectus supplement dated November 14, 2011, product...

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Transcript of Sheet To prospectus dated November 14, 2011, prospectus supplement dated November 14, 2011, product...